Budget Live: Modi hails 'People's Budget'; Rahul says 'it will benefit only 25 people'
Presenting her 8th straight Budget in the Lok Sabha, Sitharaman laid out a blueprint for next-generation reforms including raising FDI limit in insurance sector, simplification of tax laws
Finance Minister Nirmala Sitharaman on Saturday (February 1) provided a big relief to the middle class as she exempted annual income of up to Rs 12 lakh from income tax and rejigged tax slabs as part of her Budget 2025-26.
Also read: Budget 2025-26: What gets costlier, what is cheaper?
Presenting her eighth straight Budget in the Lok Sabha, Sitharaman laid out a blueprint for next-generation reforms including raising FDI limit in insurance sector, simplification of tax laws, cutting duties on intermediaries while providing enhanced fiscal support for welfare measures.
Sitharaman said the government's development track record of the past 10 years and structural reforms have drawn global attention. A Viksit Bharat will have zero poverty, quality education, high-quality, affordable and comprehensive healthcare, she said and added that the Budget's focus is to take everyone together on inclusive growth path.
Also read: No income tax up to Rs 12 lakh: Know the revised slabs under new regime
Asserting that the Budget's focus is to take everyone together on an inclusive growth path, she said the proposed development measures span 10 broad areas, focusing on 'garib' (poor) youth, 'anna daata' (farmer) and 'nari' (woman), spurring agricultural growth and productivity, building rural prosperity and resilience.
Also read: Budget: Top 10 announcements: Cheer for farmers, women and gig workers
PM lauds Budget
Prime Minister Narendra Modi lauded the Union Budget as a "people's budget" that puts more money in the hands of people and said it is a force multiplier that will increase investments and lead to growth. Opposition Leader Rahul Gandhi said, ''The Budget is a band-aid for bullet wounds, and the government is bankrupt of ideas.''
Later, addressing a public rally in Sadar Bazar in poll-bound Delhi, Rahul said, "The budget was presented today, the target of the budget was to benefit 25 people. They will give you a little, they will waive a little tax but if you see the target of the budget, is to provide India's money to 20-25 billionaires.
Also Read: Interview: 'India can be the hub of GCCs and back offices
Will Budget 2025-26 ease middle-class burden? | Talking Sense with Srini
Live Updates
- 1 Feb 2025 7:20 AM GMT
Uttarakhand CM Dhami on IT exemption till Rs 12 lakh: 'A big relief to middle class'
"A big gift for the middle class..! Under the visionary and strong leadership of respected Prime Minister Shri @narendramodi ji, an important decision has been taken to make the income of ₹ 12 lakh tax free under the Union Budget 2025-26, giving a big relief to the middle class. Certainly, this welfare decision will benefit the common man of the country including the middle class. This decision will not only encourage economic development but will also bring positive changes in the lifestyle of the people. Thanks for this historic decision. Congratulations to the successful Prime Minister," Uttarakhand CM Pushkar Singh Dhami on X.
- 1 Feb 2025 7:13 AM GMT
Govt to create additional infra in 5 IITs set up after 2014, expand IIT Patna: FM
The government will create additional infrastructure in five Indian Institutes of Technology (IITs) and expand IIT Patna, Union Finance Minister Nirmala Sitharaman announced on Saturday.
Presenting her eighth straight Union Budget, Sitharaman said the government will launch 'Bharatiya Bhasha Pushtak' scheme to provide digital form of Indian language books for schools and higher education.
"The total number of students in 23 IITs has increased by 100 per cent from 65,000 to 1.35 lakh in the past 10 years. Additional infrastructure will be created in the five IITs started after 2014 to facilitate education for 6,500 more students. Hostel and other infrastructure capacity at IIT Patna will also be expanded.
The announcement to expand IIT Patna comes ahead of the Bihar Assembly polls due later this year.
The FM also announced that in the next five years, 10,000 fellowships for technology research in IITs and IISc will be provided.
"Five national centres for excellence for skilling with global expertise and partnerships will be set up and 50,000 Atal Tinkering Labs will be set up in government schools in the next five years to cultivate scientific temper in young minds," she said.
Sitharaman said broadband connectivity will be provided to all government secondary schools and primary healthcare centres in rural areas.
"I had announced three centres of excellence in AI for agriculture, sustainable cities, and health in 2023. Now, a Centre of Excellence in AI for education will be set with an outlay of Rs 500 crore," she said.
- 1 Feb 2025 6:52 AM GMT
New tax regime slabs
New tax regime
Rs 0-4 lakh - 0%
Rs 4-8 lakh - 5%
Rs 8-12 lakh - 10%
Rs 12-16 lakh - 15%
Rs 16-20 lakh - 20%
Rs 20-25 lakh - 25%
Above Rs 25 lakh - 30%
